Last chance to exchange Rs 2,000 notes approaches; here’s how to do it

The exchange and deposit facilities for these notes are accessible not only at banks but also at the 19 Regional Offices (ROs) of the RBI that have Issue Departments.

Hyderabad: The Reserve Bank of India (RBI) phased out Rs 2,000 banknotes from circulation on May 19, 2023. Individuals and businesses were granted a grace period of nearly four months to deposit or exchange these high-denomination notes.

As the clock ticks down, the final date to exchange or deposit Rs 2,000 notes is rapidly approaching, set for September 30, 2023.

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The exchange and deposit facilities for these notes are accessible not only at banks but also at the 19 Regional Offices (ROs) of the RBI that have Issue Departments.

These ROs are located in various cities across India, including Ahmedabad, Bangalore, Belapur, Bhopal, Bhubaneswar, Chandigarh, Chennai, Guwahati, Hyderabad, Jaipur, Jammu, Kanpur, Kolkata, Lucknow, Mumbai, Nagpur, New Delhi, Patna, and Thiruvananthapuram.

One burning question on everyone’s mind is whether there’s a limit to how many Rs 2,000 notes can be deposited into a bank account. According to the RBI, individuals can deposit these notes without restrictions, provided they comply with the existing Know Your Customer (KYC) norms and other relevant statutory and regulatory requirements.

However, when it comes to physically exchanging these notes, there is a set limit. The RBI allows individuals to exchange up to Rs 20,000 at a time, effectively translating to the exchange of 10 Rs 2,000 notes in a single transaction.

One common misconception is that only customers of a specific bank can exchange these notes at their respective branches. This, however, is not the case. The RBI has clarified that non-account holders can also exchange their Rs 2,000 notes at any bank branch, subject to the Rs 20,000 limit per transaction. The exchange service is provided free of charge.

The State Bank of India (SBI) has further confirmed that there is no need for requisition forms or identity proof when exchanging Rs 2,000 notes.